Who will it be?
In February Foster’s announced that President and CEO, Ted Kunkel, will step down before the end of the calendar year 2004. With no more spectacular take-overs in the offing, Ted Kunkel probably thought that now was the best time to retire. According to a corporate announcement, Foster’s is already looking at both internal and external candidates to succeed Mr Kunkel. Kunkel has been at Foster’s helm for the past 12 years, steering the company through many troubled waters. When he joined the brewer in March 1992 the group was facing considerable upheaval and had a seriously impaired balance sheet with high debt and gearing. Today Foster’s has a market capitalisation in excess of AUD 9 billion, a BBB+ credit rating, low gearing and is established as a premium branded beverage company..
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